MCT divests One City-linked unit for RM7.5m

KUALA LUMPUR (Dec 8): MCT Bhd is disposing of its wholly-owned unit which owns properties in the One City development in Subang Jaya, for RM7.5 million.

One City Development Sdn Bhd (OCD) — which MCT owns through wholly-owned MCT Consortium Bhd — is selling its 100% equity interest in One City Properties Sdn Bhd to Bras Ventures Bhd.

In a filing with Bursa Malaysia, MCT said the selling price was agreed between both parties after taking into consideration loss-making One City Properties' net asset value of RM3.5 million as at Nov 27.

MCT is therefore expected to make a net gain of about M4 million from the disposal, which it said will be used for its working capital.

MCT said the disposal is in line with its strategy to unlock value through monetisation and opportunistic divestments, while increasing the group’s working capital for on-going property development projects.

The group expects to complete the disposal by the first quarter of 2018.

One City Properties is involved in property development, investment and management. Its investment properties include Sky Park @ One City, The Place @ One City, The Square @ One City and Taman Bandar Awam @ One City.